Nigeria’s Forex Earnings Soar: Trade Surplus Hits Remarkable N2.22 Trillion

Nigeria’s foreign exchange earnings have experienced a significant surge in the first half of 2023, propelling the foreign trade surplus to an impressive N2.22 trillion. 

This remarkable feat comes as Nigeria actively explores new avenues to bolster its foreign exchange reserves.

Recent data released by the National Bureau of Statistics paints a compelling picture of this economic achievement.

 The data reveals that Nigeria’s total import expenditure amounted to N11.29 trillion, while total exports reached a substantial N13.50 trillion.

 Consequently, the nation earned a substantial N2.22 trillion in foreign exchange during this period.

In contrast, foreign trade in the first six months of 2023 experienced a 12.68 percent decline, falling from N28.39 trillion in the corresponding period of 2022 to N24.79 trillion.

 However, despite the decline in trade volume, the country’s trade surplus recorded a staggering 258.20 percent increase, climbing from N618.81 billion in the first two quarters of 2022.

The National Bureau of Statistics reported on foreign trade in the first quarter of 2023, stating, “In the second quarter of 2023, Nigeria’s total trade reached N12.74 trillion, with total exports amounting to N7.02 trillion and total imports totaling N5.73 trillion. 

While total exports witnessed an 8.15 percent increase compared to the first quarter of 2023 (N6.49 trillion), it declined by 5.20 percent compared to the corresponding quarter in 2022 (N7.40 trillion).

 Similarly, total imports rose by 2.99 percent compared to the value recorded in the first quarter of 2023 (N5.56 trillion) but declined by 10.37 percent when compared to the value recorded in the corresponding quarter of 2022 (N6.39 trillion).”

The lion’s share of Nigeria’s foreign exchange earnings is attributed to crude oil, accounting for N10.74 trillion in trade income.

 Notably, the country’s forex expenditures primarily focused on machinery and transport equipment (N3.25 trillion) and mineral fuels (N3.74 trillion).

The consistent growth in Nigeria’s crude oil earnings can be attributed to enhanced production volumes achieved through coordinated efforts by security officials and oil operators.

This surge in foreign exchange earnings showcases Nigeria’s resilience in the face of economic challenges, offering promising prospects for the nation’s financial stability and future growth.

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